The Indian Market is expected to have positive opening on the back of mixed global cues as US market closed in green and Asian market is trading mixed. The Indian market on Thursday closed flat. Indian market opened weak due to the negative cues from the global markets and soon it recovered from its initial losses but was not able to continue the with same energy. Market witnessed some selling pressure in afternoon trade due to heavy sell off in European markets but again turned volatile, and ended flat. From the sectoral front, metal index was in limelight as most of the buying witnessed in this basket while selling pressure led by the weakness in oil & gas, IT, auto, reality, capital goods, bank and FMCG stocks. The BSE Sensex closed lower by 38.02 points at 13,926.24 and NSE Nifty ended up by 5.10 points at 4,162.20. We expect that market may remain volatile during the trading session and inflation data for the week ended 28th June 2008, which will come out today will give further direction to the market.
Infosys has announced its first quarter results today that will set the direction for IT sector. The Company has reported a consolidated net profit of Rs130200 lacs with a growth of 4.2% in the quarter ended June 30, 2008 as against Rs124900 lacs in the previous quarter. The standalone Net Profit was at Rs. 126200 lacs for the quarter ending on 30-JUN-2008 against Rs. 118200 lacs for the quarter ending on 31-MAR-2008. The jump in Net Profit is expected to have gained by the depreciating rupee. Indian Rupee has depreciated by around 7% during Q1 2008-2009 which would have helped Infosys Technologies as the amount hedged by them was less.
On Thursday, the US market was closed in green The Dow Jones Industrial Average (DJIA) closed higher by 81.58 points at 11,229.02 along with NASDAQ ended up by 22.09 points at 2,257.85 while S&P 500 index closed higher by 8.70 points at 1,253.39.
Indian ADRs ended up. In technology sector, Patni Computers ended up by (3.57%) along with Satyam by (1.76%) and Infosys by (0.37%) while Wipro dropped by (3.81%). In banking sector, ICICI bank and HDFC bank gained (2.75%) and (0.46%) respectively. In telecommunication sector, MTNL and Tata Communication ended up by (3.23%) and (2.04%)). Sterlite industries inclined (5.59%).
Today the major stock markets in Asia are trading mixed after oil prices climbed back above $141 a barrel and rising inflation worries. Taiwan Weighted is trading higher by 39.39 points at 7,115.04 while Japan’s Nikkei is trading down by 55.41 points at 13,011.80 and Hang Seng index trading at 21,814.57 lost 7.21 points.
The FIIs on Thursday stood as net seller in equity and in debt. The gross equity purchased was Rs2,555.80 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,843.50 Crore and gross debt sold stood at Rs15.00 Crore. Therefore, the net investment of equity reported was (Rs287.70) Crore and net debt was (15.00) Crore.
Today, Nifty has support at 4,090 and resistance at 4,273 and BSE Sensex has support at 13651 and resistance at 14,291.
Infosys has announced its first quarter results today that will set the direction for IT sector. The Company has reported a consolidated net profit of Rs130200 lacs with a growth of 4.2% in the quarter ended June 30, 2008 as against Rs124900 lacs in the previous quarter. The standalone Net Profit was at Rs. 126200 lacs for the quarter ending on 30-JUN-2008 against Rs. 118200 lacs for the quarter ending on 31-MAR-2008. The jump in Net Profit is expected to have gained by the depreciating rupee. Indian Rupee has depreciated by around 7% during Q1 2008-2009 which would have helped Infosys Technologies as the amount hedged by them was less.
On Thursday, the US market was closed in green The Dow Jones Industrial Average (DJIA) closed higher by 81.58 points at 11,229.02 along with NASDAQ ended up by 22.09 points at 2,257.85 while S&P 500 index closed higher by 8.70 points at 1,253.39.
Indian ADRs ended up. In technology sector, Patni Computers ended up by (3.57%) along with Satyam by (1.76%) and Infosys by (0.37%) while Wipro dropped by (3.81%). In banking sector, ICICI bank and HDFC bank gained (2.75%) and (0.46%) respectively. In telecommunication sector, MTNL and Tata Communication ended up by (3.23%) and (2.04%)). Sterlite industries inclined (5.59%).
Today the major stock markets in Asia are trading mixed after oil prices climbed back above $141 a barrel and rising inflation worries. Taiwan Weighted is trading higher by 39.39 points at 7,115.04 while Japan’s Nikkei is trading down by 55.41 points at 13,011.80 and Hang Seng index trading at 21,814.57 lost 7.21 points.
The FIIs on Thursday stood as net seller in equity and in debt. The gross equity purchased was Rs2,555.80 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,843.50 Crore and gross debt sold stood at Rs15.00 Crore. Therefore, the net investment of equity reported was (Rs287.70) Crore and net debt was (15.00) Crore.
Today, Nifty has support at 4,090 and resistance at 4,273 and BSE Sensex has support at 13651 and resistance at 14,291.
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